DAILY SPOT USDJPY - Thursday's call and technicals
A rising trend of higher daily lows and highs and improving sentiment above the 50 & 100 day average rates have kept this week’s signals pointing higher. Wednesday’s signals were also bullish and these too have been confirmed as the trend was extended, but with prices closing little changed at Tuesday’s 2 ½ month high at 108.90. This loss of momentum has come with prices testing their 200 day line and until this level is clearly broken the outlook for Thursday remains just cautiously bullish and the call is to buy modestly on the open and then at 108.40, Tuesday’s opening trade with a stop loss at 108.15, Tuesday’s base. Targets are to 108.90, October’s high, 109.32, August’s top and 110.16, the 200 week average rate.
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